Two other of the country's biggest banks, JPMorgan Chase and Citigroup, also posted strong earnings, helped by the tax law passed late a year ago. Finally, BMO Capital Markets restated a "hold" rating and set a $59.00 target price on shares of Wells Fargo in a research report on Thursday, January 4th.
A number of other institutional investors have also added to or reduced their stakes in WFC.
JP Morgan, Wells Fargo and Citigroup report quarterly earnings tonight.
The restrictions on balance sheet growth will cut its annual profit by $300-$400m this year, Wells Fargo said. Culbertson A N & Co.
Shares of Wells Fargo fell 1.6% to $51.86 at 9.32am in NY, the second worst performance in the 24-company KBW Bank Index. Following the completion of the purchase, the director now owns 81 shares in the company, valued at approximately $4,534.38.
The retail brokerage unit of Wells Fargo began to hemorrhage advisers in the second half of 2016; that September, the parent company revealed a scandal in its retail banking that resulted in Wells Fargo being fined $185 million for opening banking accounts for a few million customers without their knowledge or approval.
For the week, the Dow gained 1.8%, the S&P popped 2% and the Nasdaq advanced 2.8%, thanks to a rebound in tech stocks and a big jump in energy shares.
In Wells Fargo Co New (WFC) was rose the holdings owned by Brandywine Global Investment Management Llc. Badgley Phelps & Bell owns 0.56% invested in Wells Fargo & Company (NYSE:WFC) for 135,003 shs.
Shares of Aberdeen Emrg Mkts Smlr Co Oppts Fd stock remained flat at $$14.90 on Friday. On Monday, February 5 Wood downgraded the shares of WFC in report to "Market Perform" rating. According to these analysts, the Low Revenue Estimate for Wells Fargo & Company is 21.45 Billion and the High Revenue Estimate is 22.23 Billion. JPMorgan Chase & Co. now has a P/E ratio of 16.09 and a forward P/E of 11.3. Based on a recent bid, its distance from 20 days simple moving average is -0.85%, and its distance from 50 days simple moving average is -6.97% while it has a distance of -5.98% from the 200 days simple moving average.
Regulators have offered Wells Fargo & Co (WFC.N) a penalty of $1 billion to resolve outstanding investigations related to auto insurance and mortgage lending abuses, the third-largest USA bank by assets said in its first quarter results on Friday.
Wells Fargo has been offered a penalty of $1 billion by regulators to resolve outstanding investigations related to auto insurance and mortgage lending abuses, the third-largest United States bank by assets said today. However, possible additional accruals may change the company's earnings for the first quarter of the year. The Return on Equity (ROE) value stands at 11.5%. The corresponding figure from the same quarter a year ago was at $1.00, translating into a 7% jump should expectations materialize. Company's EPS for the prior five-years is valued at 1.5%, leading it to an EPS value of 17.57% for the next five years. The California-based Ar Asset Incorporated has invested 0.12% in Wells Fargo & Company (NYSE:WFC).
Investors are paid a 2.35% dividend.
In related news, Director Ronald Sargent bought 9,000 shares of the firm's stock in a transaction dated Monday, February 12th. A rating of 1 or 2 would be indicating a Buy recommendation.
A Pennsylvania judge last week dismissed a request from Wells Fargo Insurance Services USA Inc.to stop a group of former brokers in Pittsburgh who joined rival EPIC Insurance Brokers & Consultants from soliciting business from their former clients.